Cornerstone Wealth Management LLC Has $6.22 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Cornerstone Wealth Management LLC cut its holdings in Meta Platforms, Inc. (NASDAQ:META) by 0.4% in the fourth quarter, HoldingsChannel reports. The firm owned 10,622 shares of the social networking company’s stock after selling 44 shares during the period. Cornerstone Wealth Management LLC’s holdings in Meta Platforms were worth $6,219,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of META. Ballentine Partners LLC increased its holdings in shares of Meta Platforms by 1.4% during the 4th quarter. Ballentine Partners LLC now owns 58,218 shares of the social networking company’s stock valued at $34,087,000 after acquiring an additional 808 shares during the last quarter. UMB Bank n.a. boosted its position in Meta Platforms by 0.6% during the fourth quarter. UMB Bank n.a. now owns 140,585 shares of the social networking company’s stock worth $82,314,000 after purchasing an additional 897 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Meta Platforms by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock valued at $7,915,451,000 after purchasing an additional 118,298 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Meta Platforms by 111.4% in the third quarter. LS Investment Advisors LLC now owns 11,679 shares of the social networking company’s stock valued at $6,686,000 after purchasing an additional 6,155 shares during the period. Finally, Cutter & CO Brokerage Inc. lifted its stake in shares of Meta Platforms by 0.7% in the third quarter. Cutter & CO Brokerage Inc. now owns 9,735 shares of the social networking company’s stock worth $5,573,000 after buying an additional 65 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Price Performance

Shares of META stock opened at $647.49 on Monday. The stock’s fifty day moving average is $601.93 and its 200-day moving average is $560.51. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock has a market capitalization of $1.63 trillion, a PE ratio of 30.50, a PEG ratio of 1.18 and a beta of 1.19. Meta Platforms, Inc. has a 52 week low of $385.66 and a 52 week high of $652.00.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The firm had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Equities research analysts expect that Meta Platforms, Inc. will post 22.96 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Monday, December 16th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend was Monday, December 16th. Meta Platforms’s dividend payout ratio is 9.42%.

Insider Activity

In related news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $618.00, for a total value of $559,290.00. Following the transaction, the insider now owns 30,200 shares in the company, valued at $18,663,600. This trade represents a 2.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 420 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $600.17, for a total value of $252,071.40. Following the sale, the chief executive officer now directly owns 518,004 shares of the company’s stock, valued at $310,890,460.68. This represents a 0.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 568,016 shares of company stock valued at $346,031,180. Company insiders own 13.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on META shares. Roth Mkm lifted their target price on shares of Meta Platforms from $620.00 to $635.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. BMO Capital Markets lifted their price objective on Meta Platforms from $525.00 to $530.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. Morgan Stanley boosted their price objective on Meta Platforms from $600.00 to $660.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. JPMorgan Chase & Co. raised their target price on Meta Platforms from $660.00 to $725.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, TD Cowen lifted their price target on Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $654.20.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.